Bitcoin Price Analysis: BTC/USD Bulls Yearn For One More Push To $10,000

By John Isige
Published October 29, 2019 Updated October 29, 2019
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Bitcoin Price Analysis: BTC/USD Bulls Yearn For One More Push To $10,000

By John Isige
Published October 29, 2019 Updated October 29, 2019
  • Bitcoin defies the generally retracing trend in the market to post a 2.27% gain on the day.
  • The consolidating phase between $9,600 and $9,200 is key for the next move towards $10,000.

The potential of Bitcoin trading above $10,000 is still high in spite of the lethargic trading going on under $9,400. Bitcoin bulls managed in defending the support at $9,000 which eventually gave way for the ongoing action. The price is in a relatively bullish mood with gains exceeding 2% on the day.

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The 100-day Simple Moving Average (SMA) is standing in the way and hindering movement northwards. On the flip side the 50-day SMA is providing support at $8,544. The narrowing gap between the Simple Moving Average’s suggests that bullish pressure is expanding. At the time of writing, the volume is relatively low. However, Bitcoin needs one more push above the 100-day SMA to be able to trend towards $10,000.

Meanwhile, the Relative Strength Index (RSI) is focused on re-surfacing above 70. Such move will allow the buyers to have more confidence in the recovery. With the surge in buying entries Bitcoin price could effortlessly soar past $10,000.

BTC/USD 1-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

From the perspective of a shorter timeframe, the 100 SMA is functioning as support at $9,200. The 50 SMA is limiting gains on the upside. However, the RSI is still in an upward roll which means that Bitcoin bulls have the upper hand in the near-term. For Bitcoin to be on the safer side, the buyers must push it above $9,600 hurdle and stay focused on $10,000. Apart from the support at $9,200, Bitcoin is likely to find anchorage at $8,800, $8,400 and $7,200.

Bitcoin Key Technical Levels

Spot rate: $9,420

Relative change: +209

Percentage change: 2.27%

Resistance: $9,600 and $10,000

Support: $9,200 and $8,800

Trend: Bearish (short-term)

Volatility: Shrinking

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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